Oklahoma State Senator Dusty Deevers has introduced the Bitcoin Freedom Act, a groundbreaking bill that allows residents and employees to receive salaries in Bitcoin (BTC) and enables businesses to accept BTC payments. The legislation, filed on Jan. 8, positions Oklahoma as a leader in embracing financial technology innovations.
Key Details of the Bitcoin Freedom Act
Voluntary Participation for Businesses and Individuals
The Bitcoin Freedom Act, also known as SB325, ensures that adopting Bitcoin for transactions, salaries, and investments is entirely voluntary. Senator Deevers emphasized the bill's adherence to free-market principles, allowing employees, employers, and vendors to choose their preferred payment methods.
“The dollar’s value is being printed away, and Bitcoin provides a unique opportunity to protect earnings and investments,” Deevers said. The bill also establishes a framework for secure Bitcoin use across the state by private businesses, individual residents, and state operations.
Pro-Bitcoin Stance Amid Economic Challenges
Deevers criticized rising U.S. inflation, stating, “If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US dollar.” He highlighted Bitcoin’s decentralized and censorship-resistant design as a solution, promoting financial sovereignty and protection from inflationary manipulation.
The state senator also took a firm stance against central bank digital currencies (CBDCs), calling them tools for government overreach and surveillance. “Bitcoin allows individuals to retain full control over their money, free from government interference,” Deevers said on X (formerly Twitter).
Bitcoin in Oklahoma: A Growing Trend
This legislation builds on Oklahoma Governor Kevin Stitt’s pro-crypto policies. In May 2024, Stitt enacted a law safeguarding blockchain firms and crypto mining activities, creating a legal framework that came into effect in November.
The Bitcoin Freedom Act is scheduled for consideration during Oklahoma's 60th legislative session, beginning on Feb. 3, 2025.
Rising Inflation and Financial Innovation
According to Trading Economics, inflation in the U.S. has been climbing since September 2024, reaching 2.7%. Inflation peaked at over 9% during the pandemic, a four-decade high. Deevers’ Bitcoin-focused policies aim to mitigate inflation's impact on Oklahoma residents while positioning the state as a hub for financial innovation.
Outlook for Bitcoin in Oklahoma
If passed, the Bitcoin Freedom Act could make Oklahoma a national leader in financial technology, providing residents with more financial options and promoting Bitcoin as a significant part of the financial future, according to Cointelegraph.
